Nvidia (NVDA.O), opens new tab was last up 1.7% after it became the world’s first company to hit a $4 trillion market value Wednesday morning, solidifying its position as one of Wall Street’s most favored stocks to tap in the ongoing surge in demand for artificial intelligence technologies.

The S&P 500’s other main boosts came from megacap companies including Microsoft Corp (MSFT.O), opens new tab and Amazon.com (AMZN.O), opens new tab.

“There’s definitely a megacaps bias … to some extent it’s a flight to safety but not what you would traditionally think of as a safety trade,” said Kevin Gordon, senior investment strategist at Charles Schwab. “From a trade standpoint it’s not like you’re getting much clarity.”

At 2:14 p.m. ET, the Dow Jones Industrial Average (.DJI), opens new tab rose 164.00 points, or 0.37%, to 44,404.76, the S&P 500 (.SPX), opens new tab gained 28.01 points, or 0.45%, at 6,253.53 and the Nasdaq Composite (.IXIC), opens new tab climbed 157.20 points, or 0.77%, to 20,575.90.

Nine of the 11 S&P 500’s major industry sectors were advancing, with utilities (.SPLRCU), opens new tab and communication services (.SPLRCL), opens new tab leading gainers, while defensive consumer staples (.SPLRCS), opens new tab was the biggest decliner.

Trump on Wednesday issued letters to seven countries, calling for tariffs of 30% on Algeria, Iraq, Libya and Sri Lanka, 25% on Brunei and Moldova, and 20% on the Philippines.

The European Union has said it could reach an outline trade agreement with the U.S. in the coming days.

On Tuesday, Trump had ramped up his trade offensive with the announcement of a 50% tariff on copper and a vow to slap long-threatened levies on semiconductors and pharmaceuticals.

On Monday, Trump hit 14 trading partners with a fresh wave of tariff warnings, including Japan and South Korea.

While Wall Street indexes had fallen on trade jitters on Monday, they have steadied since then, with analysts noting that investors have become used to Trump’s pattern of saber-rattling on tariffs. And with the deadline for the latest tariffs pushed to August 1, many are betting that negotiations will defuse the trade war.

“The tariff issue continues to be this sort of seesaw and because of that back-and-forth, it obviously has given investors a bit of a calm,” said Philip Blancato, chief market strategist at Osaic Wealth.

Meanwhile, after last week’s record closes for the S&P 500 and the Nasdaq – buoyed by a surprisingly robust jobs report -investors are turning their attention to Thursday’s initial jobless claims for the next pulse check on the labor market.

Among individual stocks, AES Corp (AES.N), opens new tab jumped 18.7% after Bloomberg reported that the power provider was exploring options, including a sale.

Boeing (BA.N), opens new tab advanced 4.1% as Susquehanna raised its price target after the planemaker reported on Tuesday that its airplane deliveries in June increased 27% on a yearly basis.

UnitedHealth Group (UNH.N), opens new tab slipped 1.7% after the Wall Street Journal reported that the U.S. Department of Justice was investigating how the health insurer deployed doctors and nurses to gather diagnoses that increased its Medicare payments.

Advancing issues outnumbered decliners by a 1.97-to-1 ratio on the NYSE where there were 205 new highs and 30 new lows on the NYSE.

On the Nasdaq, 2,747 stocks rose and 1,656 fell as advancers outnumbered decliners by a 1.66-to-1 ratio. The S&P 500 posted 17 new 52-week highs and six new lows while the Nasdaq Composite recorded 64 new highs and 42 new lows.